ENT 101 1ST EXAM WITH CORRECT
SOLUTIONS
Entrepreneurship - ANSWER-the creation or location of an opportunity that leads to the
creation or location of a means to bring opportunity to market
small business - ANSWER-any business that has a small number of employees and
minimal yearly salary
serial entrepreneur - ANSWER-individual who starts a venture and once it reaches the
stage of traditional business, sells the business and uses the profit to move on to the
next entrepreneurial venture
Parallel entrepreneur - ANSWER-own many small businesses but the newest one only
being entreprenurial
entrepreneurial mindset - ANSWER-the way of thinking that allows a person to locate,
or create entrepreneurial opportunities and determine the best way of exploiting them
exploit - ANSWER-develop a way to bring a product or service to market for profit
stakeholders - ANSWER-a person, group or organization that has an interest in the
business
origination entrpreneurship - ANSWER-the act of starting a new venture
corporate entrepreneurship - ANSWER-takes place within an existing traditional
business and changes the environment
commercial entrepreneurship - ANSWER-instead of creating a business they take the
opportunity and sell it
Human capital - ANSWER-what the work force and employees are called
industrial economies - ANSWER-thrive on uniformity, stability, and mass production.
Incremental innovations - ANSWER-series of small improvements to an existing product
intended to maintain or improve a company's competitive advantage over its
competition
radical innovations - ANSWER-original concepts that change customer expectations
SOLUTIONS
Entrepreneurship - ANSWER-the creation or location of an opportunity that leads to the
creation or location of a means to bring opportunity to market
small business - ANSWER-any business that has a small number of employees and
minimal yearly salary
serial entrepreneur - ANSWER-individual who starts a venture and once it reaches the
stage of traditional business, sells the business and uses the profit to move on to the
next entrepreneurial venture
Parallel entrepreneur - ANSWER-own many small businesses but the newest one only
being entreprenurial
entrepreneurial mindset - ANSWER-the way of thinking that allows a person to locate,
or create entrepreneurial opportunities and determine the best way of exploiting them
exploit - ANSWER-develop a way to bring a product or service to market for profit
stakeholders - ANSWER-a person, group or organization that has an interest in the
business
origination entrpreneurship - ANSWER-the act of starting a new venture
corporate entrepreneurship - ANSWER-takes place within an existing traditional
business and changes the environment
commercial entrepreneurship - ANSWER-instead of creating a business they take the
opportunity and sell it
Human capital - ANSWER-what the work force and employees are called
industrial economies - ANSWER-thrive on uniformity, stability, and mass production.
Incremental innovations - ANSWER-series of small improvements to an existing product
intended to maintain or improve a company's competitive advantage over its
competition
radical innovations - ANSWER-original concepts that change customer expectations
